The EU's Markets in Crypto-Assets (MiCA) regulation is causing significant changes in the euro stablecoin market. According to Kaiko Research, MiCA-compliant stablecoins are gaining market share. MiCA has introduced strict regulations, including a ban on algorithmic stablecoins. This has led to increased scrutiny of stablecoins like TUSD, USDT, and USDC. TUSD's claims of full backing have been questioned since 2022, while USDT faces ongoing scrutiny over transparency and collateral. Meanwhile, the UK, Singapore, and Dubai are adopting a more lenient approach to stablecoin regulation. A Binance report highlights that global regulators are sharpening their tools in response to the evolving stablecoin landscape.